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Question Help Best Guard, which used a standard cost accounting system, manufactured 240.000 bont fenders during the year, using 2.020,000 feet of extruded vinyl purchased at $1.10 per foot. Production required 4.000 direct labor hours that cost $17.00 per hour. The materials standard was feet of vinyl per fender at a standard cost of $1.20 per foot. The labor standard was 0.028 direct labor hour perfonder at a standard cost of $15.50 per hour. Read the requirements Requirement 1. Compute the price and quantity variances for direct materials. Compute the role and efficiency variances for direct labor. Enter the variances as positive numbers. Enter currency amounts to the nearest cent and your swers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U) Abbreviations used. DM Direct materials, DL - Direct labor) Begin with the variances for direct materials. First, determine the formula for the direct materials price variance, the compute the price variance for direct materials. (Assume that the quantity of materiais purchased is equal to the quality of materials used.) x OM pro variance Determine the formula for the direct materials quantity variance, then compute the quantity variance for direct materia OM variance x Next, compute the variances for direct labor. First, determine the formula for the rate variance, the compute the variance for direct labor Dance Determine the formula for direct labore ciency variance, the compute the efficiency variance for det er - Det varance Requirement 2. Does the parter of variances suggest that the company's managers have been making trade-offs? Explain The direct materials price variance combined with the direct materials quantity variance suggests that managers may have used materials. The net effect is The direct laborate variance combined with the direct labor efficiency variance suggests that managers may have used workers who performed more efficiently. The net effect is Choose from any list or enter any number in the input fields and then continue to the next cuestion